Opting out does not mean James has decided to leave the Heat, said the person, who spoke on condition of anonymity because neither the four-time NBA MVP nor the team had made any public announcement. James had two years and about $42.7 million remaining on his deal with the Heat. In his four seasons in Miami, the Heat have gone to the NBA Finals four times, winning two championships.

LeBron now has the option of resigning with the Heat for more money, less money or leaving the team for another contender.